Pestalozzi advises City of Lugano Pension Fund on real estate asset swap
The Pension Fund of Lugano requested Pestalozzi’s advice on a portfolio transfer of direct real estate investments held by the Lugano pension fund. Shares in a regulated real estate fund covered this transfer. The tax authorities treated the transaction as a leading case and reconsidered their practice in this area. Pestalozzi not only advised on all tax and legal aspects of the transaction but also negotiated with the tax authorities for smooth progress enabling the real estate asset swap to be tax neutral.